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Home»ALTCOIN NEWS»Why this altcoin soared 80% in a few hours
ALTCOIN NEWS

Why this altcoin soared 80% in a few hours

By Crypto FlexsFebruary 7, 20242 Mins Read
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Why this altcoin soared 80% in a few hours
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Altcoin Space ID (ID) has surged 80% in value in a matter of hours, captivating traders and analysts alike.

The community is closely watching Space ID developments with questions about the sustainability of this altcoin surge.

Why the price of this altcoin soared

The notable price rise coincides with Upbit, Korea’s largest cryptocurrency exchange, announcing the introduction of ID’s won trading pair. ID’s surge in value also highlighted DWF Labs’ role in the market.

According to SpotOnChain, the company has conducted major transactions with ID tokens. This includes withdrawing 3.62 million IDs worth approximately $1.73 million from OKX. They then quickly deposited 2.45 million IDs, worth approximately $1.12 million, to Binance through Amber Group. This network activity has been traced to addresses labeled DWF Labs.

Read more: 13 Best Altcoins to Invest in February 2024

Space ID (ID) pricing. Source: BeInCrypto

SpotOnChain also reported that 97 million ID tokens worth $52 million were stored at Upbit’s address. With this, Upbit became the 5th ID holder. However, Upbit’s ID accumulation is sparking market speculation due to its impact on DWF Labs and Upbit’s past token volatility.

“In the past, DWF Labs and Upbit have been involved in aggressive pumps and dumps of multiple tokens,” SpotOnChain said.

Read more: 15 most common cryptocurrency scams to watch out for

The rapid rise in ID prices has skeptics predicting a potential recession. CryptoNoan, a pseudonymous cryptocurrency trader, announced his intention to sell ID altcoin due to the overvaluation of altcoin after the announcement of Upbit listing.

“ID suddenly became the rarest coin trading on MEXC at -3% funds. We plan to sell at around 0.48/0.49 after the next funding reset.” CryptoNoan Advert.

disclaimer

In accordance with Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions may change without notice. Always do your own research and consult with a professional before making any financial decisions. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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